DTN Midday Grain Comments 07/26 10:57

DTN Midday Grain Comments 07/26 10:57 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 17 to 19 cents lower at midday Wednesday; soybean futures are 8 to 10 cents lower; wheat futures are 43 to 52 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 17 to 19 cents lower at midday Wednesday; soybean futures are 8 to 10 cents lower; wheat futures are 43 to 52 cents lower. The U.S. stock market is mixed with the S&P off 10. The U.S. Dollar Index is 20 points lower. Interest rate products are firmer. Energies are mixed with crude unchanged and natural gas off .09. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 11.10. CORN: Corn futures are 17 to 19 cents lower at midday with trade pulling back again as we watch near-term weather and wait for the Fed Statement today for forward guidance with spillover pressure from wheat adding to midday pressure. Short-term hot weather for the bulk of the Corn Belt with ridge riding showers around in some spots as pollination heads for the homestretch. The weekly ethanol report showed production 24,000 barrels per day (bpd) higher, with stocks 62,000 barrels higher. Basis has remained fairly flat in the short term with pressure likely to return as we get closer to harvest. The second crop in Brazil will continue to see harvest progress. On the December chart the 20-day moving average is below the market at $5.20 and is support with the fresh high Monday at $5.72 1/4 becoming resistance. SOYBEANS: Soybean futures are 8 to 10 cents lower with early gains fading as the grains provide spillover pressure to offset weather concerns and demand strength. Meal is 2.50 to 3.50 higher and oil is 140 to 150 points lower. The daily export wire showed unknown destinations securing 272,000 metric tons (mt) and 229,000 mt in separate transactions. Basis should start to ease a little more toward harvest. The second week forecast looks to ease heat some, which could support pod filling into August. November chart resistance is the Upper Bollinger Band at $14.53 with the 20-day moving average at $13.63, well below the market. WHEAT: Wheat futures are 43 to 52 cents lower with long liquidation picking up Wednesday morning as traders seek buying support levels as volatility continues and harvest moves ahead and we see fewer Black Sea headlines, for now. Plains winter wheat harvest should continue to move ahead as it moves toward the homestretch with the spring wheat crop tour finding yields in line with last year so far. The dollar is holding above 100 on the index with more action likely after the Fed Statement, and Matif wheat is sharply lower this morning. On the KC September Chart, the 20-day moving average at $8.37 is the first support area with the fresh high at $9.29 3/4 becoming resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.